Integration Of Assets Research Articles

Performance of the Microfinance Investment Vehicles

Over the last few years, the microfinance sector has seen its transformation. Microfinance institutions seek a wide range of sources of funding, while private investors seek not only social returns but also financial returns. This new approach has led to the emergence of microfinance investment funds and initial public offerings of certain Microfinance institutions. Microfinance now seems to be seen as a new investment opportunity by global investors.Aim of this paper is to study the performance of public Microfinance Investment Vehicles. Despite a significant currency risk, we find that the integration of microfinance assets diversifies the investor’s risks and improves the efficient frontier. We conclude that microfinance institutions, via investment vehicles, are likely to attract capital from socially responsible investors seeking new investment opportunities despite a sharp decline in the Sharpe ratio over the past few months.

Проблемы обеспечения экологической безопасности при интеграции новых активов в существующую систему управления охраной труда, промышленной безопасностью и охраной окружающей среды

Проблемы обеспечения экологической безопасности при интеграции новых активов в существующую систему управления охраной труда, промышленной безопасностью и охраной окружающей среды

RAGE Architecture for Reusable Serious Gaming Technology Components

For seizing the potential of serious games, the RAGE project—funded by the Horizon-2020 Programme of the European Commission—will make available an interoperable set of advanced technology components (software assets) that support game studios at serious game development. This paper describes the overall software architecture and design conditions that are needed for the easy integration and reuse of such software assets in existing game platforms. Based on the component-based software engineering paradigm the RAGE architecture takes into account the portability of assets to different operating systems, different programming languages, and different game engines. It avoids dependencies on external software frameworks and minimises code that may hinder integration with game engine code. Furthermore it relies on a limited set of standard software patterns and well-established coding practices. The RAGE architecture has been successfully validated by implementing and testing basic software assets in four major programming languages (C#, C++, Java, and TypeScript/JavaScript, resp.). Demonstrator implementation of asset integration with an existing game engine was created and validated. The presented RAGE architecture paves the way for large scale development and application of cross-engine reusable software assets for enhancing the quality and diversity of serious gaming.

Case Study of Financial Planning and Design in Power Assets Integration

Financial planning plays an important role in assets integration. On the basis of destination of assets integration, financial planning plays a role in object selecting, integration method, assets segmentation, creditor’s right and counter-performance disposal. Among them, the core part is integration methods selecting and assets segmentation, which determine the design and performance of the integration project. The article makes a research about how NYH integrates cases and proclaims the progress of financial planning in power assets integration. The research shows that good financial planning can not only reach the assets integration goal, but also decrease the risk and cost of assets integration.

Transfer Pricing, Integration and Synergy Intangibles: A Consensus Approach to the Arm’s Length Standard

A common critique of transfer pricing analysis under the arm’s length standard is that it is conceptually incapable of dealing with synergistic gains and losses among entities under common control. Specifically, its approach of respecting the separateness of corporate entities under common control and on allocating profit across such entities by reference to a baseline of uncontrolled, but comparable, situations cannot, under this critique, account for profits from integration, as they derive from the very fact of common control. This article addresses the question whether the arm’s length standard should be modified to incorporate a distinct “synergy intangible” to take account of such synergistic gains and losses. The article concludes that the introduction of a synergy intangible is undesirable, as it would not serve the core aim of transfer pricing analysis (in the treaty context) to reduce the risk of double taxation, while achieving a reasonable allocation of tax base across countries. In the service of this argument, the article introduces a three-part categorization of intangible value arising from the integration of assets: common control value, bilateral integration value and unilateral integration value. The article then urges a novel “fractional” interpretation of article 9 of the OECD Model, under which the article is read to reach only those profits that could be earned at arm’s length and thus does not speak to the allocation of profits that can only be earned under common control. The paper uses this framework to suggest particular approaches for dealing with synergistic gains and losses for each of the three types of value identified: the value from common control should be left to taxpayer discretion; the value from bilateral integration should be dealt with through attention to arm’s length ranges; and the value from unilateral integration should be dealt with through rules on aggregated transactions. The article concludes with prescriptive implications for the ongoing work of the OECD regarding intangibles and transfer pricing.

Successful service retail channel expansions: The roles of technical and brand integration

Service retail channel (SRC) expansion is common in B2B markets, but expansions into high-tech channels involve substantial market failure risks. Successful expansions create questions about the best way to integrate new and existing channels. Should the firm use its existing brand to market the new channel, or should it develop a new brand? Should the technology for the new channel be developed in-house or outsourced? The level of integration of both marketing and technical assets determines the perceived consumer benefits and market acceptance of high-tech SRCs. Using the concepts of risk, resources, and control, this study proposes a theoretical framework, tested with data about Internet banking in the United States. The results show that integration decisions have important, counterintuitive consequences. Specifically technical integration leads to higher perceived consumer benefits and thus greater market acceptance, whereas brand integration lowers the market acceptance of a new SRC.

Wholly owned foreign subsidiary relation-based strategies in volatile environments

Drawing from dynamic capability, institutional, nonmarket strategy, and social-network literatures, we detail wholly owned subsidiary (WOFSs) relation-based strategies (RBSs). We explain how deploying RBSs with key nonmarket and market actors will create competitive advantages for WOFSs operating in volatile emerging market environments. We posit that dynamic capabilities will drive the deployment of RBSs by WOFSs, and argue that the positive relationship between dynamic capabilities and RBS deployment will strengthen as perceived institutional uncertainty increases. We further suggest that the greater the strength and frequency of RBS deployment, the more likely that a WOFS will establish a combination of nonmarket-based and market-based embedded assets. Also, our theory proposes that greater integration of nonmarket-based and market-based assets will enhance WOFS financial performance outcomes. Implications for future research are discussed.

Intergenerational Stories and the “Othering” of Samoan Youth in Schools

Through a critical cultural assets model, the authors use the methodological practices of collaboration, community site visits, document analysis, and interviews with cultural insiders to explore schools’ continued rejection of academic belonging for people from “othered” communities. They explore the case of Samoan youth—a marginalized cultural group—to contest the shared belief that school-based citizenry is an educational impossibility. Interview data with Samoan elders is analyzed using Consensual Qualitative Research methods (Hill et al. in Couns Psychol 24(4):517–572, 1997). They present themes of cultural capacities and academic disconnection to imagine a school context for the integration of cultural assets for “othered” youth (Kliewer and Biklen in Teach Coll Rec 109(12):2579–2600, 2007; Kliewer et al. American Educ Res Assoc J 3(2):163–192, 2006).

Life Cycle Cost Model of Power Transformer under the New Environment

Life Cycle Cost (LCC) Management is not only an advanced management concept but also an effective way to achieve the integration of high-efficacy and low-cost assets. In the meantime, the State Grid Corporation promotes the “Large Five” system that novel environment provides new opportunities and challenges to the life cycle cost management. Therefore, this paper puts forward a transformer cycle cost model which adapts to the new environment, combining with new features of the “Large Five” system construction, basing on the whole life cycle cost theory and according to the actual operation of the transformer. It also analyzes the cost composition of transformer’s life cycle and verifies the validity of the transformer cycle cost model which has been put forward in this paper through calculating examples.

Integrating advanced mobility into lunar surface exploration

With growing knowledge of the lunar surface environment from recent robotic missions, further assessment of human lunar infrastructures and operational aspects for surface exploration become possible. This is of particular interest for the integration of advanced mobility assets, where path planning, balanced energy provision and consumption as well as communication coverage grow in importance with the excursion distance. The existing modeling and simulation tools for the lunar surface environment have therefore been revisited and extended to incorporate aspects of mobile exploration. An extended analysis of the lunar topographic models from past and ongoing lunar orbital missions has resulted in the creation of a tool to calculate and visualize slope angles in selected lunar regions. This allows for the identification of traversable terrain with respect to the mobile system capabilities. In a next step, it is combined with the analysis of the solar illumination conditions throughout this terrain to inform system energy budgets in terms of electrical power availability and thermal control requirements. The combination of the traversability analysis together with a time distributed energy budget assessment then allows for a path planning and optimization for long range lunar surface mobility assets, including manned excursions as well as un-crewed relocation activities. The above mentioned tools are used for a conceptual analysis of the international lunar reference architecture, developed in the frame of the International Architecture Working Group (IAWG) of the International Space Exploration Coordination Group (ISECG). Its systems capabilities are evaluated together with the planned surface exploration range and paths in order to analyze feasibility of the architecture and to identify potential areas of optimization with respect to time-based and location-based integration of activities.

Firm‐internal knowledge integration and the effects on innovation

PurposePrevious literature notes that more remains to be understood about the relationship between organizational knowledge and innovation. In this article the author seeks to argue that innovation depends on efficient knowledge integration, while the latter depends on factors internal and external to product development teams.Design/methodology/approachThis paper proposes a conceptual framework that takes into account firm‐internal knowledge integration of human and technological assets. In particular, the author analyzes and discusses knowledge integration mechanisms which a firm strategically deploys in the innovation process.FindingsKnowledge‐relatedness, the extent to which product development teams are specialized in related scientific or technological fields, is proposed as an important moderator for the relationship between operating routines and innovative performance. If many product development teams perform well, innovative firm performance will increase.Research limitations/implicationsThe author notes the need for empirical inquiry which can build on the theoretical model. Other possible moderators, such as the physical proximity of knowledge‐related product development teams and the frequency of knowledge‐related personnel transfer from one product development team to another, would be interesting avenues for further research.Practical implicationsSpecifying operating routines with respect to integrating functional and technological knowledge can result in innovative firm performance.Originality/valueThe article adds to the knowledge‐based view of the firm while analyzing how a firm can make use of its heterogeneous knowledge for innovation. The author shows how knowledge‐relatedness moderates the relationship between operating routines for new product development teams and innovative performance.

Intelligence Adaptation

In the aftermath of the Bin Laden raid, Adam Cobb argues that the integration of strategic intelligence assets coupled to Special Operations Forces has created a new operational paradigm for the US. The intelligence-driven global counter-terrorism strategy provides the US with a long-term, cost-effective means to continue to fight Al-Qa'ida with a reduced military footprint.

The future of Russian outward foreign direct investment and the eclectic paradigm: What changes after the crisis of 2008–2009?

This article explores the future of Russian outward foreign direct investment in the aftermath of the crisis of 2008–2009. As it is too early to analyse the full impact of the crisis, it develops hypotheses about the degree of slowdown in the foreign expansion of Russian transnational corporations. It uses an extension of the eclectic paradigm to home country advantages (competitive environment, business environment, development strategy, State involvement) applied to a comparison of the Russian Federation with other economies in transition as an analytical tool. Systematic differences between transnationals from the Russian Federation (global firms, based on natural resources, aiming for vertical integration of assets) and from new European Union member countries (regional firms, based on downstream activities or services, aiming for horizontal integration) allow us to formulate more solid conclusions about the future of the Russian firms facing lower export prices, lower market capitalizations and higher debts. In turn, this article argue that a comparison with the large emerging economies of Brazil, China and India, under the acronym of BRIC can be less useful in the current context, as these economies are significantly less affected by the crisis of 2008–2009 than the Russian Federation; hence they can not expect a slowdown in their outward foreign direct investment similar to that of Russian transnationals.
 JEL: F23; F21; O52; P29

Using Modeling and Simulation to Examine the Benefits of a Network Tasking Order

The Global Information Grid (GIG) is the military’s computer and communications network which supports the myriad of military missions. Military missions are highly planned, passing through many hands in the strategy-to-task methodology to ensure completeness, accuracy, coordination, cohesion, and appropriateness. A benefit of this planning is the possibility to collect knowledge of future conditions that could be of use to network designers whose goals include optimizing and protecting the GIG. This advanced knowledge includes which networked military equipment will be involved, what their capabilities are, where they will be, when they will be there, and particulars on the required data flows. A Network Tasking Order process is proposed as a means of collecting this information, analyzing the information to generate network taskings, and disseminating those taskings. Tactical integration of assets in mobile networks is introduced as another planning variable in the battlefield; not unlike logistical considerations such as fuel, ammunition, water, and so on used currently in operation planning. Modeling and simulation is used to support the proposed benefits.

Case Comments: LBO and Crime of Breach of Trust: Redux (Korean)

Subsequent to the Shinhan decision, Busan District Court recently rendered a “not guilty” decision relating to Dongyang Major/Hanil Textile merger case. Dongyang Major acquired a majority equity interest in Hanil Textile under court protection with borrowed funds, merged it, and paid back the bank debts with the cash reserve of Hanil Textile. The court, inter alia, reasoned its decision for lack of evidence on damages or likelihood of damages. In addition, the court listed several reasons for its conclusion that include, among others, (i) the Korean Commercial Code (“KCC”) regulates mergers on their procedural aspects and as to legal mergers from KCC perspectives criminal liability issue should be cautioned; and (ii) the legal effect of a merger is integration of assets and liabilities of the merging company and the merged company and thus disposal of any assets of the merged company should be legal. I agree with the court that has raised the question about the desirability of criminalization of corporate decisions such as mergers. I, however, believe the court should delve into the relationship between the board and the corporation in order to analyse the damages arising from a breach of fiduciary duty. A hasty and faulty observation about the regulations of a merger or the legal effect of a merger has failed to increase the persuasiveness of the final conclusion, but has substantially ameliorated the strength thereof.

A Partnership Approach to Multi-Campus Library Services

With more than 50,000 students taking courses at twelve campus locations as well as online, the University of Central Florida (UCF) is one of the ten largest universities in the United States, based on enrollment. This multi-campus university system uses strategic integration of physical and virtual assets to deliver regional library services. Partnership agreements govern operations and service issues across all library functions, including collection development, cataloging, and interlibrary loan. In this environment, an organizational culture that fosters team building, flex-ibility, training, and all varieties of communication, and one that includes a strategic integration of new technology to improve channels of communication and collaboration opportunities is vital.

Technological capabilities and firm performance: The case of small manufacturing firms in Japan

The purpose of this study is to investigate the relationship between technological capabilities and firm performance. We divide technological capabilities into two types—refinement capability, which involves the improvement of the existing asset portfolio, and reconfiguration capability, which involves the restructuring of the asset portfolio through the integration of new assets. The results of an analysis of a sample of 302 small and medium-sized manufacturing firms in Japan suggest that refinement capability relates more positively to operational efficiency than does reconfiguration capability, and that reconfiguration capability relates more positively to strategic performance than does refinement capability. The results also suggest that firms with superior refinement capability tend to possess superior reconfiguration capability. Our findings show that both external and internal factors, such as technological volatility, inter-firm collaboration, and firm age and size, are significantly associated with the level of refinement and reconfiguration capabilities possessed by a firm.

The THEMIS Mission

The Time History of Events and Macroscale Interactions during Substorms (THEMIS) mission is the fifth NASA Medium-class Explorer (MIDEX), launched on February 17, 2007 to determine the trigger and large-scale evolution of substorms. The mission employs five identical micro-satellites (hereafter termed “probes”) which line up along the Earth’s magnetotail to track the motion of particles, plasma and waves from one point to another and for the first time resolve space–time ambiguities in key regions of the magnetosphere on a global scale. The probes are equipped with comprehensive in-situ particles and fields instruments that measure the thermal and super-thermal ions and electrons, and electromagnetic fields from DC to beyond the electron cyclotron frequency in the regions of interest. The primary goal of THEMIS, which drove the mission design, is to elucidate which magnetotail process is responsible for substorm onset at the region where substorm auroras map (∼10 RE): (i) a local disruption of the plasma sheet current (current disruption) or (ii) the interaction of the current sheet with the rapid influx of plasma emanating from reconnection at ∼25 RE. However, the probes also traverse the radiation belts and the dayside magnetosphere, allowing THEMIS to address additional baseline objectives, namely: how the radiation belts are energized on time scales of 2–4 hours during the recovery phase of storms, and how the pristine solar wind’s interaction with upstream beams, waves and the bow shock affects Sun–Earth coupling. THEMIS’s open data policy, platform-independent dataset, open-source analysis software, automated plotting and dissemination of data within hours of receipt, dedicated ground-based observatory network and strong links to ancillary space-based and ground-based programs. promote a grass-roots integration of relevant NASA, NSF and international assets in the context of an international Heliophysics Observatory over the next decade. The mission has demonstrated spacecraft and mission design strategies ideal for Constellation-class missions and its science is complementary to Cluster and MMS. THEMIS, the first NASA micro-satellite constellation, is a technological pathfinder for future Sun-Earth Connections missions and a stepping stone towards understanding Space Weather.

Technological Capabilities and Firm Performance: The Case of Small Manufacturing Firms in Japan

The purpose of this study is to investigate the relationship between technological capabilities and firm performance. We divide technological capabilities into two types - refinement capability, which involves the improvement of the existing asset portfolio, and reconfiguration capability, which involves the restructuring of the asset portfolio through the integration of new assets. The results of an analysis of a sample of 302 small and medium-sized manufacturing firms in Japan suggest that refinement capability relates more positively to operational efficiency than does reconfiguration capability, and that reconfiguration capability relates more positively to strategic performance than does refinement capability. The results also suggest that firms with superior refinement capability tend to possess superior reconfiguration capability. Our findings show that both external and internal factors, such as technological volatility, inter-firm collaboration, and firm age and size, are significantly associated with the level of refinement and reconfiguration capabilities possessed by a firm.

EMAC, Katrina, and the Governors of Louisiana and Mississippi

State and local governments along the Louisiana and Mississippi coasts were overwhelmed by Hurricane Katrina and lacked the capacity to function without outside assistance. Mutual aid agreements are common among communities and provide essential surge capacity when catastrophes strike. The Emergency Management Assistance Compact (EMAC) is just such a mechanism for sharing resources. How well or how poorly governors use EMAC depends on their familiarity with the system and how prepared their state and local agencies are to integrate EMAC personnel and other resources. Governor Kathleen Babineaux Blanco of Louisiana was less familiar with EMAC than was Governor Haley Barbour in Mississippi and had less assistance in using the system. State and local officials in Louisiana were also less familiar with mutual assistance compacts than their counterparts in Mississippi. The integration of EMAC assets into state and local operations was easier in Mississippi because officials had set up an area command to coordinate operations.